Archive for November, 2010
Foreclosure On Tigertail Avenue Sells
November 30th, 2010 | categories: Coconut Grove Real Estate Market Conditions
The foreclosure on Tigertail Avenue has finally closed for a sales price of $490,100, slightly above asking price. Like most foreclosures this one was in quite a bit of disrepair and will hopefully get some much needed sprucing up with the new owners. It closed for $161.00 per square foot, Broker was EWM. Taking a look back at the history of this property, it sold in 2006 for $836,000 and before that in 2005 for $680,000.
Details of 2320 Tigertail Avenue:
- 3,040 Square Feet Of Living Space
- 10,800 Square Foot Lot
- 3 Bedrooms, 2 Baths
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate and are looking for an experienced Realtor in Coconut Grove, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
Reduce, Reduce, Reduce
November 29th, 2010 | categories: Coconut Grove Real Estate Market Conditions
Have you been keeping an eye on a particular house just waiting for that big price reduction to come? Here are some of the biggest price reductions we have seen in the past 30 days in Coconut Grove:
4131 Woodridge Road | Backs up to Merrie Christmas Park | Built in 2008 | 5 Bedrooms, 4 Baths | Reduced from $2,475,000 to $1,999,999 | Broker is Sotheby’s
2521 Inagua Avenue | Unapproved Short Sale | 4 Bedrooms, 3 Baths | Reduced from $615,000 to $510,000 | Broker is Coldwell Banker
3669 Royal Palm Avenue | 4 Bedrooms, 3 Baths | Reduced from $1,098,000 to $895,000 | Broker is Keller Williams
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate and are looking for an experienced Realtor in Coconut Grove, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
Gardening In Coconut Grove
November 29th, 2010 | categories: Grove News
One of my favorite things about living in Miami is that when the rest of the country is outside shoveling snow from the sidewalks, we can be out enjoying the warm sunshine.
About a month ago I called up Dylan Terry (a native and long time resident of Coconut Grove) of Ready-To-Grow Gardens to install 3 raised garden beds in my backyard – see photos above. We chose a place that got plenty of sun and within a matter of weeks we were up and running with heirloom tomatoes, Chinese long beans, red/green/purple bell peppers, malabar spinach, arugula and many others. We have roughly 75 vegetables growing in the 3 beds.
We were initially concerned with the flock of peacocks that roost in the tree above the vegetable garden (in the past they have destroyed countless pepper and tomato plants). But so far we have managed to outsmart them with some netting wrapped around the sides of the beds.
Dylan has also installed the public edible garden located outside Arquitectonica in the center Grove. In fact, one of my associates who lives near Arquitectonica is always walking over to snip an herb or two for his dinner.
As you know, I sell real estate in Coconut Grove. If you are interested in buying or selling real estate and are looking for a realtor here in the Grove please don’t hesitate to contact me on my cell at 305.342.1623 or send me a note here.
Short Sales and Foreclosures In Coconut Grove
November 23rd, 2010 | categories: Short Sales And Foreclosures In Coconut Grove
So far in 2010 Coconut Grove (33133) has had a total of 21 distressed homes sold (short sales/foreclosures). The good news is that it looks like we will end out the year with far fewer distressed sales than we experienced in 2009. The above and below figures include only single family homes in North and South Coconut Grove.
Foreclosures continue to be undesirable for most buyers here due to the deferred maintenance and the fact that most of them require a cash offer. The average foreclosure in Coconut Grove this year sold for $749,500.
Short sales on the other hand tend to be a slightly better option for buyers. If you have the patience and the ability to wait from 5 to 9 months there is potential to get a home for less than market value. I like to tell people that completing a short sale is similar to having a baby. The average short sale this year in Coconut Grove sold for $520,000.
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate and are looking for an experienced Realtor in Coconut Grove, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
$14,900,000 Home In The Moorings – Under Contract
November 19th, 2010 | categories: Coconut Grove Real Estate Market Conditions
The ultra-luxury market in Coconut Grove is certainly picking up speed. As you know, Crystal View Court in the North Grove just sold for $9,000,000 (listed by Judy Zeder of EWM) and yesterday the home located at 3301 South Moorings Way in the gated community of The Moorings went under contract with a list price of $14,900,000 (Broker was Avatar). The home featured 11,257 square feet of living space on a 27,516 square foot lot with 6 bedrooms and 6 baths. Bayfront homes have been selling on average for $750 per foot however this is in a gated community so it will be interesting to see where this one ends up.
Also on the luxury home topic, the listing on Stewart Avenue that was previously priced at $18,000,000 has now been dropped to $16,900,000. The home features 10,025 square feet of living space on a 42,689 square foot lot with unobstructed ocean bay views. The Broker is Avatar. To view other ultra-luxury homes for sale in Coconut Grove (33133) click here.
To me the above activity indicates that the Grove continues to be a highly desirable location and a place where buyers will pay a premium to live. If you would like to buy or sell real estate and are looking for an experienced Realtor in Coconut Grove, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
New Listing On Battersea Road!
November 18th, 2010 | categories: Coconut Grove Real Estate
I just listed a great home on Battersea Road in South Coconut Grove. It is an airy, light and open home that has been renovated to bring the outdoors in. Upon entering the house you are greeted with soaring wood beam ceilings and walls of glass which open onto a tropical pool and covered terrace. This section of Battersea Road dead ends at Biscayne Bay and is a no thru street. The house is being offered at $825,000 and features 2,855 square feet of living area on a 10,500 square foot lot with 3 bedrooms and 3 baths.
For more photos and information of 3605 Battersea Road, click here to view Virtual Tour.
If you would like to see this property I would be happy to arrange a showing. Give me a call on my cell at 305.342.1623 or send me a message here.
Coconut Grove Realtor’s Newest Competition!
November 18th, 2010 | categories: Grove News
I am always checking my search engine rankings to make sure my blog ranks in the top 5 positions for most Coconut Grove Real Estate terms (and it typically does). Today I googled “Coconut Grove Realtor” and some new Buiness Place Pages appeared for realtors in Lexington, New York. Either it is a temporary glitch in Google, or there is a new Coconut Grove neighborhood in Lexington which us realtors are going to have to compete for placement on that page.
I’m not concerned that someone will hire an agent from Lexington, New York to buy a house in Coconut Grove. But I am concerned that the first page of google which used to be dedicated solely to realtors in Coconut Grove, FL will be shared with realtors from Coconut Grove of Lexington.
Below is a screen snapshot of Google’s results for “Coconut Grove Realtor”. You will first see the Sponsored Advertisement Results in the blue box. Next are the businesses listed A through G, which are all in New York. Then as the regular results for “Coconut Grove Realtor” start you have Coconut Grove Realty’s website first and my blog The Real Estate Coconut in second position.
A Successful Night At Greenstreet!
November 16th, 2010 | categories: Coconut Grove Real Estate Market Conditions
I want to thank everyone who came out last night to Greenstreet for my Grove Real Estate Talk, it was by far the biggest crowd we have had since we began holding these events more than 2 years ago. I was impressed with the wide range of our audience which came from as far north as Miami Beach all the way down to Pinecrest. I enjoyed talking with each and every one of you and hope that you found the night informative.
Here are a few of the talking points from last night:
- Right now the average list price of a home in Coconut Grove is running about $380.00 per foot.
- The average sale price on a home in Coconut Grove is $275.00 per foot (down from $343.00 in 2008)
- Coconut Grove’s total volume is steady this year with a total of $91,000,000 in sales (higher than the previous two years).
- I announced Coconut Grove’s second largest sale all year, it was a home that sold for $9,000,000 on Crystal Court. The sale stayed in line with other waterfront homes, selling at an average of $750.00 per foot.
- The average selling price right now in Coconut Grove is $913,000 (down from $1,300,000 just 2 years ago).
- Single family homes are selling roughly 8% off of their final list price (typically there are several reductions prior to the final list price).
- The townhouse market has been the hardest hit in the downturn of the market (not surprising since it was the fastest to go up during the boom). New construction townhouses that were selling in the $700k – $800k are now selling in the $400k – $500k range.
- There are currently 310 condos on the market in Coconut Grove (down from 508 on the market in 2008). We have also sold more condos this year than we did in 2008 and 2009. Today, the lowest condo sale in the Grove was $30,000 while in 2008 it was $88,000. All of the big condominium buildings along Bayshore (Grovenor, Grove Hill, Yacht Harbour etc.) have remained stable and strong, we are not seeing the increase in special assessments or association fees that exist in other areas of Miami.
- Land continues to sell at an average of $30.00 per foot, another hard hit segment of our market here in Coconut Grove.
- Roughly 50% of the transactions right now in Miami and Broward County are cash deals. This can be attributed to the difficulty in getting loans as well as the influx of South American investors. And in my opinion, there should be a discount on the sale price when a buyer pays cash.
- If you are going to short sell your house, you MUST use a lawyer who is experienced with the process. I know that many of you stayed after the talk to speak with Scott Perdigon of Perdigon Title. He handles all of my short sales for my sellers. If you are interested in how the process works and the implications of it, feel free to send him an email or give him a call – his contact information can be found here.
- Looking ahead to the future, I feel that we should see another year of prices remaining low but with the amount of sales we are experiencing I believe that prices should start to tick upwards by the end of next year.
If you have any more questions that I did not answer last night, please feel free to send me an email here or give me a call at 305.342.1623. Thank you again for coming and to Greenstreet for hosting our event.
Under Contract In 1 Week – Coco Grove Avenue
November 15th, 2010 | categories: Coconut Grove Real Estate
I am happy to announce that my listing on Coco Grove Avenue has gone under contract in less than a week since it hit the market. This just goes to show that if you price your house correctly it can sell fast. The average time it takes to sell a house in Coconut Grove right now is about 250 days. 50% of the homes that have sold this year have made 1 or more price reductions. Why start out at an unrealistic price only to let your home sit on the market?
Reminder: Coconut Grove Real Estate Talk On Monday!
November 12th, 2010 | categories: Grove News
Don’t forget my Coconut Grove Real Estate Talk will be held on Monday, November 15th at 7:00 pm at Greenstreet Cafe. Come, listen and ask questions. I will be discussing a range of figures and statistics regarding real estate here in Coconut Grove. If you are wondering where our real estate market is headed or how we have fared since 2009 then you should not miss this informative event! A must for anyone buying or selling in the Grove in the near future.